Now my theory is that there are not many private bond-holders left.

Once the creation of NAMA was on the horizon the bonds issued by and loans issued to the affected banks most likely became highly toxic. Most are probably still held by the original holders or have been sold at a substantial, (but inadequate), haircut. The only other possibility is that they have been bought by the Irish government. About that I have no information.

The banksters got to keep their profits from the time before their bubble burst and, once again, the losses are socialized. Enough is enough.

"It is not necessary to have hope in order to persevere."